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Amplifying the JourneyFrom Foundation to Future2024 ANNUAL REPORT
0102 03040506Amplifying the JourneyLeveraging Technology for Enhanced EfficiencyPartnering to InnovateFostering the FutureFrom Foundation to FutureFinancialsCONTENTS
0102 030405Amplifying the JourneyLeveraging Technology for Enhanced EfficiencyPartnering to InnovateFostering the FutureFrom Foundation to FutureCONTENTS
3We exceeded 100% of our corporate goals,a testament to the collective effort acrossthe entire organization. This accomplishmentis evident in our annual fiscal year recordrevenue of $224 million, a direct result ofour careful strategic planning and preciseexecution that has positioned us forsustained growth and ongoing success.Among our many highlights was securingsix new core system sales including thelargest core system signing in our history.This accomplishment underscores the trustplaced in us as a partner and the strengthof our solutions. Additionally, we completed15 conversion projects this year, our strongability to deliver for our clients while ensuringnot only their satisfaction but also their long-term success.Our regulatory and audit results wereexemplary, reflecting our adherence tothe highest standards of compliance andoperational excellence. We also achievedthe highest client report card ratings since2016, a clear indicator of our continuousimprovement and dedication to quality.Significant upgrades to our core and digitalproduct offerings kept us at the forefront ofindustry innovation, allowing us to betterserve clients’ evolving needs. These effortswere recognized with multiple industryawards, including being named the #1 TopWorkplace in Connecticut.Our success is rooted in continuousinvestment in products, people, and facilities.We have cultivated a collaborative culturethat fosters teamwork, creativity, and ashared sense of purpose, which is the drivingforce behind these accomplishments.As we move forward, we are confident thatour shared focus on strategic goals willcontinue to drive the organization to newheights. Building on this year’s successes,the company is well-positioned for evengreater achievements in the future.In the new year, we will embrace the theme of“amplifying the journey.” This means not onlycelebrating our successes but also learningfrom our challenges, supporting each other,and pushing the boundaries of what we canachieve. Together, we will amplify our impact,elevate our performance, and continue tomake a difference in the lives of our clients andcommunities.Thank you to everyone for their commitment,hard work, and passion. Here’s to anothersuccessful year filled with growth, innovation,and new opportunities.Richard LeoneChairman, CEO & PresidentAMPLIFYINGTHE JOURNEYAs we look back on our past year, there is a deep sense of pride and gratitude for thehard work and dedication that has led to our remarkable achievements. This has beenan exceptional year, marked by key milestones that demonstrate our commitment toinnovation, teamwork, and growth.
OUR YEAR IN REVIEW
3We exceeded 100% of our corporate goals,a testament to the collective effort acrossthe entire organization. This accomplishmentis evident in our annual fiscal year recordrevenue of $224 million, a direct result ofour careful strategic planning and preciseexecution that has positioned us forsustained growth and ongoing success.Among our many highlights was securingsix new core system sales including thelargest core system signing in our history.This accomplishment underscores the trustplaced in us as a partner and the strengthof our solutions. Additionally, we completed15 conversion projects this year, our strongability to deliver for our clients while ensuringnot only their satisfaction but also their long-term success.Our regulatory and audit results wereexemplary, reflecting our adherence tothe highest standards of compliance andoperational excellence. We also achievedthe highest client report card ratings since2016, a clear indicator of our continuousimprovement and dedication to quality.Significant upgrades to our core and digitalproduct offerings kept us at the forefront ofindustry innovation, allowing us to betterserve clients’ evolving needs. These effortswere recognized with multiple industryawards, including being named the #1 TopWorkplace in Connecticut.Our success is rooted in continuousinvestment in products, people, and facilities.We have cultivated a collaborative culturethat fosters teamwork, creativity, and ashared sense of purpose, which is the drivingforce behind these accomplishments.As we move forward, we are confident thatour shared focus on strategic goals willcontinue to drive the organization to newheights. Building on this year’s successes,the company is well-positioned for evengreater achievements in the future.In the new year, we will embrace the theme of“amplifying the journey.” This means not onlycelebrating our successes but also learningfrom our challenges, supporting each other,and pushing the boundaries of what we canachieve. Together, we will amplify our impact,elevate our performance, and continue tomake a difference in the lives of our clients andcommunities.Thank you to everyone for their commitment,hard work, and passion. Here’s to anothersuccessful year filled with growth, innovation,and new opportunities.Richard LeoneChairman, CEO & PresidentAMPLIFYINGTHE JOURNEYAs we look back on our past year, there is a deep sense of pride and gratitude for thehard work and dedication that has led to our remarkable achievements. This has beenan exceptional year, marked by key milestones that demonstrate our commitment toinnovation, teamwork, and growth.
5At COCC, operational excellence has always been a cornerstone of our business. In recent years,we’ve taken things to the next level by embracing advanced technology to streamline processes,enhance consistency, and cut down on manual tasks. These efforts haven’t just made us moreefficient—they’ve allowed our teams to focus on higher-value, strategic initiatives.Brent BiernatSVP & Chief Operating OfficerIncident management has become morestreamlined, with systems that ensure theright person is notified immediately, cuttingdown response times. Similarly, we’veoptimized expense management, enablinggreater accuracy and efficient workflows.Project management has undergone acomplete transformation, giving us real-time updates and seamless collaboration.We’ve moved away from outdated methods,reducing confusion over document versionsand delivering a better experience forclients. Process documentation has alsoimproved, making it easily accessible andadaptable as our needs evolve.Leveraging Technology for Enhanced EfciencyWe’ve advanced our deploymentprocesses by using automation toolsthat ensure error-free server builds,patching, and workstation setups.This standardization speeds updeployments while reducing the riskof manual errors. With automatednetwork health checks and self-healing capabilities, we can nowdetect and fix issues before theycause problems, keeping everythingrunning smoothly.Our approach to software testinghas also evolved with automation,eliminating the need for multipleteams to handle manual testing. Thisshift allows us to validate processesfaster and more thoroughly, deliveringconsistent results.Our real-time communication platformshave enhanced team collaboration,breaking down knowledge silos andspeeding up decisions. With AI-driventools we’ve made tasks, like meetingsummaries and document creation, moreefficient to boost overall productivity.These initiatives reflect COCC’scommitment to using technology todrive operational excellence and deliversuperior service to our clients.
4 At COCC, operational excellence has always been a cornerstone of our business. In recent years,we’ve taken things to the next level by embracing advanced technology to streamline processes,enhance consistency, and cut down on manual tasks. These efforts haven’t just made us moreefficient—they’ve allowed our teams to focus on higher-value, strategic initiatives.Brent BiernatSVP & Chief Operating OfficerIncident management has become morestreamlined, with systems that ensure theright person is notified immediately, cuttingdown response times. Similarly, we’veoptimized expense management, enablinggreater accuracy and efficient workflows.Project management has undergone acomplete transformation, giving us real-time updates and seamless collaboration.We’ve moved away from outdated methods,reducing confusion over document versionsand delivering a better experience forclients. Process documentation has alsoimproved, making it easily accessible andadaptable as our needs evolve.Leveraging Technology for Enhanced EfciencyWe’ve advanced our deploymentprocesses by using automation toolsthat ensure error-free server builds,patching, and workstation setups.This standardization speeds updeployments while reducing the riskof manual errors. With automatednetwork health checks and self-healing capabilities, we can nowdetect and fix issues before theycause problems, keeping everythingrunning smoothly.Our approach to software testinghas also evolved with automation,eliminating the need for multipleteams to handle manual testing. Thisshift allows us to validate processesfaster and more thoroughly, deliveringconsistent results.Our real-time communication platformshave enhanced team collaboration,breaking down knowledge silos andspeeding up decisions. With AI-driventools we’ve made tasks, like meetingsummaries and document creation, moreefficient to boost overall productivity.These initiatives reflect COCC’scommitment to using technology todrive operational excellence and deliversuperior service to our clients.
7Over the past year, COCC continued to innovate across its offerings, maintaining a strongcommitment to enabling client success through advanced technology. Key achievements includemodernizing core banking, enhancing digital banking, and improving integrations and infrastructure tomeet the evolving needs of the financial industry.COCC made significant strides in core banking modernization with the ongoing rollout of the thirdgeneration of the INSIGHT core banking platform, already in production for more than half ourclient base. With the “mobile teller” components of the new INSIGHT UX to be completed later thisyear, this browser-based, responsive-design platform is built on microservices with an API-drivenarchitecture and workflows optimized for operational efficiency.Partnering toInnovateMatthew L’HeureuxSVP & Chief Innovation OfficerCOCC’s top-ranked digital banking user experience continues to enable clients to win with a highlycompetitive solution. In addition to the continued rollout of enhancements, this year the companybegan to define its next generation digital banking platform, including a framework to extend itscapabilities into the cloud.COCC has renewed its priority of ensuring the digital banking platform includes a robust suite oftreasury management capabilities. A comprehensive market review, consulting engagement, andclient feedback have reaffirmed that this is a highly competitive solution in the market. This willcontinue to be expanded through our ongoing product evolution. Related, COCC formed a strategicpartnership to offer an advanced merchant point-of-sale (POS) solution. This award-winning suiteenables COCC clients to align with a strong, recognized technology brand as they expand theirreach to help the business community.Also in 2024, we continued our advancements in supporting fintech integrations. COCC’sConnectSuite was designed to improve the developer experience with a new API developer portalstreamlining integrations across fintech platforms.As 2024 concludes, the above highlights are just a sampling of how COCC remains a leader infinancial technology, empowering clients through continuous improvements in core banking, digitalbanking, and more.
6 Over the past year, COCC continued to innovate across its offerings, maintaining a strongcommitment to enabling client success through advanced technology. Key achievements includemodernizing core banking, enhancing digital banking, and improving integrations and infrastructure tomeet the evolving needs of the financial industry.COCC made significant strides in core banking modernization with the ongoing rollout of the thirdgeneration of the INSIGHT core banking platform, already in production for more than half ourclient base. With the “mobile teller” components of the new INSIGHT UX to be completed later thisyear, this browser-based, responsive-design platform is built on microservices with an API-drivenarchitecture and workflows optimized for operational efficiency.Partnering toInnovateMatthew L’HeureuxSVP & Chief Innovation OfficerCOCC’s top-ranked digital banking user experience continues to enable clients to win with a highlycompetitive solution. In addition to the continued rollout of enhancements, this year the companybegan to define its next generation digital banking platform, including a framework to extend itscapabilities into the cloud.COCC has renewed its priority of ensuring the digital banking platform includes a robust suite oftreasury management capabilities. A comprehensive market review, consulting engagement, andclient feedback have reaffirmed that this is a highly competitive solution in the market. This willcontinue to be expanded through our ongoing product evolution. Related, COCC formed a strategicpartnership to offer an advanced merchant point-of-sale (POS) solution. This award-winning suiteenables COCC clients to align with a strong, recognized technology brand as they expand theirreach to help the business community.Also in 2024, we continued our advancements in supporting fintech integrations. COCC’sConnectSuite was designed to improve the developer experience with a new API developer portalstreamlining integrations across fintech platforms.As 2024 concludes, the above highlights are just a sampling of how COCC remains a leader infinancial technology, empowering clients through continuous improvements in core banking, digitalbanking, and more.
Fosteringthe FutureCOCC has become a company that isable to attract and retain top-tier talentas recent graduates begin lookingfor fulfilling roles after completingcollege. With the robust developmentof our internship program, addition oftechnologically exciting products, andthe need to remain at the forefront ofinnovation, COCC’s next generationof talent has inspired much of ourgrowth. Many of the “early in career”talent who joined us for the launch ofdigital banking in 2014, for example,continue to work at COCC to this day,clinching the opportunity to developinto key roles. Our leadership teamsacross the company now comprisemembers of the Gen X and Millennialcohorts – and soon, Gen Z will bein that mix as well. It’s an awesomeblend of all four workforce generationscoming together to develop complexsolutions for our client institutions.As we continue to look at knowledgetransfer, succession planning, andoverall retention, COCC will continueto capitalize on the passion andleadership drive of our growingworkforce.Advancing Tech & ServiceSince Richard Leone became President & CEO in 2002, COCChas experienced remarkable growth and transformation. Underhis leadership, the organization has adapted to the changinglandscape, resulting in substantial expansion across both thetechnology and service teams. The company focus has shiftedfrom primarily operations to a greater emphasis on innovation.COCC’s service teams have grown by 139% in the past 10 years,demonstrating our dedication to delivering top-notch support.Equally impressive, our technology teams have expanded by 72%over the same period, reflecting our commitment to innovationand technological advancement. We’ve broadened our talent poolwith diverse new roles, including positions like Security Engineer,Network Architect, Cyber Defense Analyst, SOC Engineer, andSoftware Architect, all of which bring fresh perspectives andexpertise.Our tenure continues to rise, highlighting our focus on employeedevelopment and satisfaction. With our executive and officer teamsaveraging over 15 years, we benefit from deep experience andstability that guide our strategic direction. Across the company,employees typically stay with us for more than 8 years, reflectingour strong culture and the growth opportunities we provide.By investing in cutting-edge technologies and fostering a creativeenvironment, we’ve made significant strides in improving both ourproduct offerings and service efficiency. This transformation notonly solidifies our position as an industry leader but ensures weremain agile and competitive in an ever-changing market.Service Teams139%15+ YearsExecutive &Officer Teams8 YearsEmployeeTech Teams72%“I am grateful for COCC’s supportand growth opportunities that haveshaped my career. The company’scommitment to leadership andprofessional development hasempowered me to evolve continuously.Through mentorship, learning, and aculture of innovation, I’ve expandedmy skills and contributed to our team’ssuccess. I’m proud to be part of anorganization that invests in its people.”Jamie PerrySVP & Chief Security Officer10 YEAR GROWTHAVERAGE TENURE
8Fostering the FutureCOCC has become a company that is able to attract and retain top-tier talent as recent graduates begin looking for fulfilling roles after completing college. With the robust development of our internship program, addition of technologically exciting products, and the need to remain at the forefront of innovation, COCC’s next generation of talent has inspired much of our growth. Many of the “early in career” talent who joined us for the launch of digital banking in 2014, for example, continue to work at COCC to this day, clinching the opportunity to develop into key roles. Our leadership teams across the company now comprise members of the Gen X and Millennial cohorts – and soon, Gen Z will be in that mix as well. It’s an awesome blend of all four workforce generations coming together to develop complex solutions for our client institutions. As we continue to look at knowledge transfer, succession planning, and overall retention, COCC will continue to capitalize on the passion and leadership drive of our growing workforce. Advancing Tech & ServiceSince Richard Leone became President & CEO in 2002, COCC has experienced remarkable growth and transformation. Under his leadership, the organization has adapted to the changing landscape, resulting in substantial expansion across both the technology and service teams. The company focus has shifted from primarily operations to a greater emphasis on innovation.COCC’s service teams have grown by 139% in the past 10 years, demonstrating our dedication to delivering top-notch support. Equally impressive, our technology teams have expanded by 72% over the same period, reflecting our commitment to innovation and technological advancement. We’ve broadened our talent pool with diverse new roles, including positions like Security Engineer, Network Architect, Cyber Defense Analyst, SOC Engineer, and Software Architect, all of which bring fresh perspectives and expertise. Our tenure continues to rise, highlighting our focus on employee development and satisfaction. With our executive and officer teams averaging over 15 years, we benefit from deep experience and stability that guide our strategic direction. Across the company, employees typically stay with us for more than 8 years, reflecting our strong culture and the growth opportunities we provide.By investing in cutting-edge technologies and fostering a creative environment, we’ve made significant strides in improving both our product offerings and service efficiency. This transformation not only solidifies our position as an industry leader but ensures we remain agile and competitive in an ever-changing market.Service Teams 139%15+ YearsExecutive & Officer Teams 8 YearsEmployee Tech Teams 72%“I am grateful for COCC’s support and growth opportunities that have shaped my career. The company’s commitment to leadership and professional development has empowered me to evolve continuously. Through mentorship, learning, and a culture of innovation, I’ve expanded my skills and contributed to our team’s success. I’m proud to be part of an organization that invests in its people.”Jamie PerrySVP & Chief Security Officer10 YEAR GROWTHAVERAGE TENURE
11From Foundation to FutureOur journey began with a simplebut powerful foundation: acooperative built on partnership,rooted in collaboration and a sharedvision. What started as a focuson operational excellence hasevolved into a mission centered oninnovation, growth, and empoweringour clients. Over the years, ourorganization has expandedalongside our clients, with strategicpartnerships driving our sharedsuccess.Windsor Federal Bank, a $781Mfinancial institution headquarteredin Windsor, CT, is one of the twofounding institutions that helpedestablish COCC, having grown withus since day one. As a community-focused, mutually owned bank andone of the largest headquarteredin the capital region, they havecontinuously expanded their servicesand reach while maintaining acommitment to their customers andcommunity. Throughout their 56-yeartenure with COCC, Windsor Federalhas achieved an average annualasset growth of 7% and expandedtheir branch network by 300%.“For over five decades COCC have implemented state-of-the-art technology, provided tremendous customer service, and have continuously found ways to enableand support the sustained growth and success of their partner banks.”Luke D. KettlesPresident & CEOWindsor Federal BankCOCC has been honored to support themthroughout their successful milestones of growthwith technology and strategic guidance, helpingthem adapt to industry changes and scaletheir operations. Together, we’ve built a lastingpartnership that reflects the power of collaborationand shared success.As COCC continues to champion digitalinnovation, the mission is to drive simpler, faster,and more engaging services. Our approachaims to deliver exceptional user experiences andposition clients at the forefront of financial servicesfor their customers. Thomaston Savings Bank,a $1.8B institution headquartered in Thomaston,CT, has curated a top-ranked experiencein partnership with COCC’s digital bankingtechnology. Thomaston Savings Bank’s digitalexperience was ranked #1 in the Loyalty Indexand Net Promoter Score among 45 participatingfinancial institutions with assets ranging from$300M to $35B. From seamless account openingcoupled with intuitive mobile banking, to deliveringengagement tools that drive financial wellness intheir community, Thomaston has truly embracedthe essence of COCC’s digital technology.“Our approach to digital isone centered on continuous improvement—bringing new products and services to marketare milestones, not endpoints,and our team is tireless in theirpursuit to deliver for our clients.It is critical our technologypartners share that philosophy,and we are fortunate COCC is focused on our strategies thatsupport an exceptional clientexperience.”Jonathan GilbodeSVP & Chief Digital Banking OfficerThomaston Savings BankThomaston Savings Bank’sdigital experience was ranked #1 in the Loyalty Index and Net Promoter Score among45 participating financialinstitutions with assetsranging from $300M to $35B.Throughout their 56-year tenure with COCC, Windsor Federal has achieved anaverage annual asset growthof 7% and expanded their branch network by 300%.
10 11From Foundation to FutureOur journey began with a simple but powerful foundation: a cooperative built on partnership, rooted in collaboration and a shared vision. What started as a focus on operational excellence has evolved into a mission centered on innovation, growth, and empowering our clients. Over the years, our organization has expanded alongside our clients, with strategic partnerships driving our shared success.Windsor Federal Bank, a $781M financial institution headquartered in Windsor, CT, is one of the two founding institutions that helped establish COCC, having grown with us since day one. As a community-focused, mutually owned bank and one of the largest headquartered in the capital region, they have continuously expanded their services and reach while maintaining a commitment to their customers and community. Throughout their 56-year tenure with COCC, Windsor Federal has achieved an average annual asset growth of 7% and expanded their branch network by 300%.“For over five decades COCC have implemented state-of-the-art technology, provided tremendous customer service, and have continuously found ways to enable and support the sustained growth and success of their partner banks.”Luke D. KettlesPresident & CEOWindsor Federal BankCOCC has been honored to support them throughout their successful milestones of growth with technology and strategic guidance, helping them adapt to industry changes and scale their operations. Together, we’ve built a lasting partnership that reflects the power of collaboration and shared success.As COCC continues to champion digital innovation, the mission is to drive simpler, faster, and more engaging services. Our approach aims to deliver exceptional user experiences and position clients at the forefront of financial services for their customers. Thomaston Savings Bank, a $1.8B institution headquartered in Thomaston, CT, has curated a top-ranked experience in partnership with COCC’s digital banking technology. Thomaston Savings Bank’s digital experience was ranked #1 in the Loyalty Index and Net Promoter Score among 45 participating financial institutions with assets ranging from $300M to $35B. From seamless account opening coupled with intuitive mobile banking, to delivering engagement tools that drive financial wellness in their community, Thomaston has truly embraced the essence of COCC’s digital technology.“Our approach to digital is one centered on continuous improvement—bringing new products and services to market are milestones, not endpoints, and our team is tireless in their pursuit to deliver for our clients. It is critical our technology partners share that philosophy, and we are fortunate COCC is focused on our strategies that support an exceptional client experience.”Jonathan GilbodeSVP & Chief Digital Banking OfficerThomaston Savings BankThomaston Savings Bank’s digital experience was ranked #1 in the Loyalty Index and Net Promoter Score among 45 participating financial institutions with assets ranging from $300M to $35B. Throughout their 56-year tenure with COCC, Windsor Federal has achieved an average annual asset growth of 7% and expanded their branch network by 300%.
13Since 2020, Ion Bank hasseen remarkable growthin key cash managementservices, with a 192% increase in ACH usage, a66% rise in remote deposit capture activations, anda 689% surge in positivepay adoption.In today’s fiercely competitive financiallandscape, COCC understands our clients mustinnovate and differentiate themselves. Ourgoal is to act as a true partner, empoweringclients to offer niche, best-in-class technologythat fosters engagement and creates tailoredexperiences for their customers and members.Metro Credit Union, based in Chelsea, MA,managing $3.4B in assets, has leveraged ourflexible and customizable solutions to tailorservices that address the unique needs of itsdiverse member base. Allowing them to remainagile in a dynamic market while maintaining highstandards of service, since 2019 Metro has seena 70% increase in assets and a 20% growthin branch locations. Through our strategicpartnership and collaboration, Metro CreditUnion has been able to expand their growthby providing expert guidance, personalizedsupport, and technological capabilities that havedriven transformative outcomes for both theiremployees and members.“By working closely together we have been able to match the right products, services, andcustom/tailored approaches to our unique requirementswhile leveraging all that the collaborative has to offer.”Robert M. CashmanPresident & CEOMetro Credit Union“COCC has made it seamlessfor us to offer the right solutionsto our customers, while their flexibility allows us to quicklyadapt to evolving demands.”Stacey UccelloSVP & Director of Cash ManagementIon BankThese partnerships reflect the strength ofcollaboration and the potential it unlocks. Aswe continue to grow alongside our clients, ourfoundation of trust and innovation drives useach other to reach new heights and redefinewhat’s possible in the future.Through our scalable and innovativetechnology, Ion Bank, a $2.1B financialinstitution based out of Naugatuck, CT, hasdelivered a premium commercial services suiteto enhance cash flow management, streamlinepayment processing, and strengthen fraudprevention. Alongside COCC’s premierdigital banking business platform, the Bankhas also been able to secure new accountsand drive adoption with tools that provideintegrated ACH management, automated wireintegration, remote deposit capture, positivepay, and more. Since 2020, Ion Bank has seenremarkable growth in key cash managementservices, with a 192% increase in ACHusage, a 66% rise in remote deposit captureactivations, and a 689% surge in positive payadoption. COCC’s deep understanding ofthe financial landscape, combined with thestrong partnership with clients like Ion Bank,continues to drive mutual success.Since 2019, Metro CreditUnion has experienced a70% increase in assets and a 20% growth in branch locations, with the mutualpartnership surroundingsupport and technologyenabling their organizationto remain agile in adynamic market.Our strong collaborative partnership hassupported Metro Credit Union’s overalldevelopment, enabling the successfullaunch of new lines of business, productoptimizations, and the introductionof numerous new tools and fintechpartnerships over the past five years.
12 13Since 2020, Ion Bank has seen remarkable growth in key cash management services, with a 192% increase in ACH usage, a 66% rise in remote deposit capture activations, and a 689% surge in positive pay adoption.In today’s fiercely competitive financial landscape, COCC understands our clients must innovate and differentiate themselves. Our goal is to act as a true partner, empowering clients to offer niche, best-in-class technology that fosters engagement and creates tailored experiences for their customers and members. Metro Credit Union, based in Chelsea, MA, managing $3.4B in assets, has leveraged our flexible and customizable solutions to tailor services that address the unique needs of its diverse member base. Allowing them to remain agile in a dynamic market while maintaining high standards of service, since 2019 Metro has seen a 70% increase in assets and a 20% growth in branch locations. Through our strategic partnership and collaboration, Metro Credit Union has been able to expand their growth by providing expert guidance, personalized support, and technological capabilities that have driven transformative outcomes for both their employees and members. “By working closely together we have been able to match the right products, services, and custom/tailored approaches to our unique requirements while leveraging all that the collaborative has to offer.”Robert M. CashmanPresident & CEO Metro Credit Union“COCC has made it seamless for us to offer the right solutions to our customers, while their flexibility allows us to quickly adapt to evolving demands.”Stacey UccelloSVP & Director of Cash Management Ion Bank These partnerships reflect the strength of collaboration and the potential it unlocks. As we continue to grow alongside our clients, our foundation of trust and innovation drives us each other to reach new heights and redefine what’s possible in the future.Through our scalable and innovative technology, Ion Bank, a $2.1B financial institution based out of Naugatuck, CT, has delivered a premium commercial services suite to enhance cash flow management, streamline payment processing, and strengthen fraud prevention. Alongside COCC’s premier digital banking business platform, the Bank has also been able to secure new accounts and drive adoption with tools that provide integrated ACH management, automated wire integration, remote deposit capture, positive pay, and more. Since 2020, Ion Bank has seen remarkable growth in key cash management services, with a 192% increase in ACH usage, a 66% rise in remote deposit capture activations, and a 689% surge in positive pay adoption. COCC’s deep understanding of the financial landscape, combined with the strong partnership with clients like Ion Bank, continues to drive mutual success. Since 2019, Metro Credit Union has experienced a 70% increase in assets and a 20% growth in branch locations, with the mutual partnership surrounding support and technology enabling their organization to remain agile in a dynamic market.Our strong collaborative partnership has supported Metro Credit Union’s overall development, enabling the successful launch of new lines of business, product optimizations, and the introduction of numerous new tools and fintech partnerships over the past five years.
26 12. LEASESThe Company is involved in various operating leases for facilities and equipment that have escalating rent provisions withremaining terms through 2030. In addition, certain peripheral computer equipment is leased on a month-to-month basis.The following table provides quantitative information concerning the Company’s leases. 2024 2023Lease Costs:Operating Lease Costs $ 1,108,283 $ 1,076,283Short-Term Lease Costs 452,205 366,392Total Lease Costs$ 1,560,488 $ 1,442,675Other Information:Operating Cash Flows from Operating Leases $ 1,111,626 $ 1,063,000 Right-of-Use Assets Obtained in Exchange for NewOperating Lease Liabilities - Adoption of ASC 842- 6,214,465 Right-of-Use Assets Obtained in Exchange for NewOperating Lease Liabilities- 553,934Weighted-Average Remaining Lease Term - Operating Leases 5.7 Years 6.5 YearsWeighted-Average Discount Rate - Operating Leases 2.94% 2.97%The Company classifies the total discounted lease payments that are due in the next 12 months as current. A maturityanalysis of annual undiscounted cash flows for lease liabilities as of June 30, 2024, is as follows:Year Ending June 30, Amount2025 $ 1,128,5572026 988,0382027 889,7142028 906,6472029 923,579Thereafter 941,135Undiscounted Cash Flows 5,777,670Less: Imputed Interest (451,645)Total Present Value$ 5,326,02513. COMMITMENTS AND CONTINGENCIESEmployment AgreementsThe Company maintains employment agreements with several key employees. The employment agreements have evergreenterms and provide for minimum aggregate annual base salaries, cost-of-living adjustments, severance provisions and otherprerequisites commonly found in such agreements.Line of CreditThe Company had a $7,500,000 revolving line of credit with a bank. The line of credit carried an interest rate equal to LIBORplus 1.75% and expired on October 1, 2022. On January 23, 2023, the Company and a different bank originated a $7,500,000revolving line of credit. The line of credit carries an interest rate equal to the Daily SOFR plus 1.75% and expires on January23, 2025. Both agreements contain certain financial and nonfinancial covenants, secured by various assets of the Company.There were no amounts outstanding on the lines of credit as of June 30, 2024 and 2023.Richard A. LeoneChairman, CEO & PresidentCOCCSouthington, CTJennifer M. G. CalhenoPresident & CEOLUSO Federal Credit UnionLudlow, MANicholas K. FortsonDirectorCorePlus Federal Credit UnionNorwich, CTStephen L. LewisPresident & CEOThomaston Savings BankThomaston, CTPatrick J. Murray, Jr.President & CEOBristol County Savings BankTaunton, MAGilda M. NogueiraChairman of the BoardEast Cambridge Savings BankCambridge, MAThomas K. RudzewickPresident & CEOMaspeth Federal Savings BankMaspeth, NYMatthew S. SosikPresident & CEObankESBEasthampton, MATrent B. TroyerPresident & CEOFirst Federal Community Bank, N.A.Dover, OHDerrik R. WynkoopPresident & CEOWalden Savings BankMontgomery, NYBoard of DirectorsExecutive OfficersRichard A. LeoneChairman, CEO & PresidentDavid K. ChristieEVP&ChiefFinancialOcerBrent H. BiernatSVP&ChiefOperatingOcerDavid J. FrauenhoferSVP, Product ManagementLisa A. JacobiSVP&ChiefHumanResourceOcerMatthew P. L’HeureuxSVP&ChiefInnovationOcerJamie L. PerrySVP&ChiefSecurityOcerDianne M. PetersonSVP, Client ServicesSteven A. ReisSVP&ChiefTechnologyOcerSusan W. SaleckySVP&ChiefRevenueOcerJotham F. TraftonSVP&ChiefStrategicOcerRichard H. Wood, Jr.SVP, Software DevelopmentElizabeth N. CaplanFVP, Product ManagementJillian K. FlahertyFVP, Business DevelopmentMichelle R. OrsiniFVP, Client Engagement
Alexander H. CampbellVP, Client ServicesKimberly A. CarloneVP, Talent Management & Corporate SecretaryKyle D. CharetteVP, Client ServicesLisa L. FabiaschiVP, Business DevelopmentMichael J. FabiaschiVP, Digital BankingRyan D. GreenierVP, Security Architecture & EngineeringDiane M. LambVP, ControllerMatthew W. LidestriVP, Information SecurityRobert L. Mullan, Jr.VP, Internal AuditPaul P. PelletierVP,ProcurementOcerPaul M. PetroVP, Conversion ServicesNicholas B. St. PierreVP, AccountingJeffrey W. TroutmanVP, Digital BankingAnupama VadaliVP, Software DevelopmentDarren B. WilkesVP, Technology & OperationsDeana R. WyseVP, Item ProcessingKaren G. ArcherAVP, Lending SolutionsLynn M. BartolucciAVP, OperationsMatthew A. DaviesAVP, Client ServicesKristen K. DevinoAVP, Client ServicesShkelzen GjonbalajAVP, Technology & OperationsBuck J. JohnsonAVP, Technology & OperationsThomas R. KsiazkiewiczAVP, Software DevelopmentLaura A. McGufeAVP, Workplace ServicesDavid S. NewellAVP, Software DevelopmentRobert F. PintoAVP, Business Continuity ManagerKaren M. PorterAVP, Item ProcessingAnnette T. RuchwaAVP, People SuccessOfficers
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